California-to-Vegas Train Eyes Equity, Debt to Raise Cash (1)

The Fortress Investment Group-backed company that’s building a high-speed passenger railroad between Southern California and Las Vegas plans to raise cash through borrowing and the sale of equity as construction costs increase.

The company, called Brightline West, also plans to refinance $2.5 billion of debt issued in March as soon as next month, Chief Executive Officer Mike Reininger said in an interview Thursday, after earlier reporting the plans on a conference call with investors.

Reininger didn’t provide a new cost estimate for the 218-mile (351 kilometer) railroad, which was previously estimated at $16 billion. But he said it ...